Nearly $2,200?! Asking rent has gone up by 7% nationwide in a year
The cost of living in Canada is no joke. Not only is food expensive, but Canadians paid an average of $2,185 in rent in June, a modest increase compared to the past 13 months.
According to a July report by Rentals.ca, the rent for all residential property types increased by 7% compared to a year ago.
“Average asking rents decreased 0.8% from May, the largest month-over-month decline since early 2021 during COVID-19 and reversing the typical seasonal trend of increasing rents at this time of year,” reads the report. “Rents were effectively flat over the past three months, increasing by just 0.2% nationally between March and June.”
A closer look reveals that the average rate for condominium rental apartments dropped by 1% in June to $2,146.
“Compared to a year ago, apartment rents were up 9.0%, driven by an 11% annual increase in rents for purpose-built rentals to an average of $2,121,” states the report. “Condominium apartment rents increased by a much smaller amount of 2.6% over the past year to an average of $2,320.”
Below is a national overview of the rent in Canada by property and unit type:
Rentals.ca
Below is the average rent by province:
BC: $2,550
Alberta: $1,798
Saskatchewan: $1,339
Manitoba: $1,646
Ontario: $2,382
Québec: $1,979
Nova Scotia: $2,270
Two cities with the most expensive real estate are in BC: Vancouver, where a one-bedroom apartment costs an average of $2,724, and Burnaby, where a one-bedroom will set you back $2,543 a month. Victoria found itself in the eighth spot, where the average rent is $2,178.
Several Ontario cities dominated the other top 10 spots: Toronto came in third at $2,444, Mississauga at $2,371, and North York at $2,263.
The rate of increase might be dropping in several more expensive cities, but Regina, Saskatchewan, actually saw a shocking 20.5% year-over-year increase, the highest across the country.
But if you’re looking to move someplace with the lowest rent, you might want to consider St. John’s, Newfoundland, where the average rent is $980 per month.
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